Many Americans are familiar with the term “real estate appraisal,” and what that has meant in their personal experiences. However, most may be surprised to learn about the deep and various expertise held by Appraisal Institute Designated members.
As 2014 draws to a close and appraisers prepare to put another business year behind them, it’s important they compile their tax documents.
According to the U.S. Small Business Administration, owners need to consider federal and state tax issues.
Determine a strategy
Whether it’s knowing how spending impacts tax bills, in which year to incur expenses or understanding accrual and cash basis, appraisers and other small business owners have a lot to consider to help ensure the creation of a successful tax strategy. [Read more…]
The Appraisal Institute recently invited Ken P. Wilson, MAI, SRA, 2014 President of the Appraisal Institute; Leslie P. Sellers, MAI, SRA, 2014 Chair of AI’s International Relations Committee; and Frederick H. Grubbe, CAE, to discuss AI’s international efforts. They talked about AI’s growing global presence and outreach abroad.
AI: What is the Appraisal Institute’s global presence?
KW: Appraisal Institute professionals live and work in nearly 60 countries on six continents.
AI: Who are the Appraisal Institute professionals who live and work abroad?
LS: Appraisal Institute professionals outside the United States and its territories engage in a wide variety of practices, and many are highly credentialed.
KW: Nearly half of all AI professionals outside the U.S. and its territories hold the MAI designation.
FG: And organizations in at least four countries have expressed interest in AI providing its educational offerings, including China, Kuwait, Mexico and Saudi Arabia. [Read more…]
With 2015 just around the corner and mobile technology becoming more prevalent in the workplace every day, now would be a good time for appraisers to mobilize their businesses.
In fact, the U.S. Small Business Administration says advances in technology are made each day that provide additional opportunities and challenges for small business owners seeking to mobilize their companies.
Market for mobility
One of the primary areas where small business owners, such as appraisers, can benefit from mobilization is marketing. Whether it’s making a website mobile friendly, communicating with potential clients via text message or engaging in social media, having a mobile marketing presence is a key to success in today’s marketplace. In fact, a recent survey found that 80 percent of small business owners are leveraging mobile technology for work. [Read more…]
According to the annual report from Giving USA Foundation and the Indiana University Lilly Family School, charitable giving in the U.S. rose to an all-time record in 2013 to more than $335 billion.
1. Beware of IRS regulations
How is fair market value determined relative to gifted real estate? Where do comps fit in? What about unusual market conditions? IRS Publication 561 answers these, and other key questions for appraisers and is a must-read prior to accepting any related assignment. [Read more…]
Manufactured housing is one of the fastest-growing housing markets in the U.S., and, according to the Manufactured Housing Institute, more than one in 10 single-family housing starts was a manufactured home in 2013.
Interested homebuyers should enlist the help of a qualified real estate appraiser to consider the advantages of purchasing a manufactured home over a traditional build and determine if taking the prefab route is worth the investment in the long run.
Are manufactured homes cost-efficient?
Depending on the region of the country, construction cost-per-square-foot for a new manufactured home averages 25 to 30 percent less than costs for a comparable site-built home. (As appraisers know well, cost does not necessarily equal value.)
But what about appreciation? Just like a traditional build, there’s no guarantee that the value of a manufactured home will always appreciate — that’s dependent on outside economic factors and varies by region. However, independent appraisal studies confirm that simplybuying a manufactured home won’t hurt resale value or reduce resale prospects compared to a site-built home. [Read more…]